- Dogecoin investors are suing Elon Musk for a $258 billion lawsuit.
- Musk’s lawyers contend that his tweets about Dogecoin were too vague to support any fraud claim.
- Dogecoin’s market capitalization had risen 3.65% over the past 24 hours.
Elon Musk, the CEO of Tesla Inc, has requested a US judge dismiss a $258 billion lawsuit against him by Dogecoin (DOGE) investors. The lawsuit accuses Musk of running a pyramid scheme to support the popular cryptocurrency, Dogecoin.
— Reuters (@Reuters) April 1, 2023
In a court filing on Friday, Musk’s lawyers referred to the lawsuit as a “fanciful work of fantancy.” They argued that the investors had failed to provide any evidence of fraud or explain how Musk intended to defraud anyone. They further added that Musk’s tweets about Dogecoin were innocent and silly and that they could not support a fraud claim.
The lawsuit, filed in Manhattan federal court, claims that Musk manipulated the cryptocurrency market through his tweets about Dogecoin, causing investors significant financial losses.
The investors allege that Musk’s tweets created a false sense of security and led them to believe that the value of Dogecoin would increase, resulting in investments that ultimately proved worthless.
However, Musk’s lawyers argued that his statements about Dogecoin, such as “Dogecoin Rulz” and “no highs, no lows, only Doge,” were too vague to support a fraud claim. They also noted that Musk had previously warned his followers about cryptocurrency risks.
The lawyers representing Tesla CEO Elon Musk argued nothing wrong with tweeting positive words and images of a reputable digital currency with a market capitalization of almost $10 billion. They called on the court to dismiss the complaint and end the fabrication surrounding the case.
At the time of reporting, Dogecoin was experiencing an upward trend, with its price rising by 3.54% to $0.07702. The trading volume had also increased by 54.71% to $460,679,365, while the market capitalization had risen by 3.65% to $10,699,716,698 over the past 24 hours.